Efforts underway to implement Islamic Banking: Mamnoon

KARACHI: President Syed Mamnoon Hussain says the present government is making serious efforts towards the implementation of Islamic Banking in the country.

Inaugurating Roundtable Conference on Islamic Banking in Karachi on Wednesday, the President hoped that the deliberations of the conference would be instrumental in further promoting Islamic Banking in the country.

He said that Islamic Banking is gaining popularity and is fast growing in Pakistan. He said that free from the curse of Riba, it helps the believers in striving for a society that is free from social and economic injustices, exploitation and inequalities.

The President said a Committee has already been notified to give recommendations for the promotion of Islamic Banking and to formulate comprehensive policy framework for Islamic Financial System in the country.

He said that the Committee would be able to chalk out clear roadmap for transition towards Islamic Banking system in the country.
The President noted that the State Bank of Pakistan has recently taken some steps to promote Shari’ah compliant environment in the banking sector.

However, more efforts are required in this regard to facilitate citizens fully avail the opportunity of Islamic banking solutions.

The President said we can learn from the successful experience of Malaysian banks towards Islamic banking. In this context, greater interactions among Pakistani and their Malaysian counterparts would be of great significance.